DFX Intelligence
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Borrower
S••••••• I••
Office Services & Suppliesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Fixed Rate; Inc First and; Inc. - Consumer; Inc. Corporate; Inc.-Wholesale; Office Services & Supplies
What matters now
- 96¢ → 97¢consensus mark
Consensus mark 97¢ on cost, up from 96¢ a year ago, 95¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived5 of 5 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
96¢ · 99¢ · 100¢ · 95¢ · 97¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
95¢98¢
Principal held
at least $94.3M
sum of BDC pieces, a lower bound
Fair value
$88.6M
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
13
5 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Sep 1, 2029
no dated debt inside 24 months
On the tape since
Feb 3, 2020
latest Jun 30, 2026
Events
12
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | $43.9M | 98¢ | +3 pts |
| H•• C•••••••• L•••••• F••• | $22.1M | 96¢ | +2 pts |
| O•••••• S•••••••• L•••••• C••• | $14.1M | 96¢ | +2 pts |
| H•• C•••••••• C•••••• S•••••••• F••• | $11.2M | 96¢ | +2 pts |
| F••••••• B•• C•••••• C••• | $2.94M | 95¢ | +2 pts |
Every BDC piece · 7 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | notes lien unstated F•••• R••• B••• | $26.5M | $25.3M 98c | 10.75% |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $22.1M | $20.6M 96c | S+575 bp |
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• | $17.4M | $16.2M 96c | S+575 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $11.2M | $10.5M 96c | S+575 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• | $7.3M | $6.8M 96c | S+575 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• L•••••• C••• | notes lien unstated B••• | $6.8M | $6.5M 97c | 10.75% |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $2.9M | $2.7M 95c | S+575 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $36.3M | 96c | S+575 bp | Sep 4, 2029 | 3 |
| notes lien unstated | at least $33.3M | 98c | 10.75% | Sep 1, 2029 | 2 |
| first lien term loan first lien | at least $24.7M | 96c | S+575 bp | Sep 4, 2029 | 2 |
| second lien term loan second lien exited Sep 30, 2025 | at least $2.0M | 98c | SOFR+570 bp | Sep 4, 2029 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 5 | $94.3M | $88.6M | 97c | 0 |
| Mar 31, 2026 | 6 | $74.8M | $68.6M | 95c | 0 |
| Dec 31, 2025 | 6 | $118M | $114M | 100c | 0 |
| Sep 30, 2025 | 8 | $135M | $130M | 99c | 0 |
All 19 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 8 | $123M | $114M | 96c | 0 |
| Mar 31, 2025 | 7 | $115M | $103M | 93c | 0 |
| Dec 31, 2024 | 8 | $183M | $176M | 100c | 0 |
| Sep 30, 2024 | 9 | $147M | $136M | 96c | 0 |
| Jun 30, 2024 | 8 | $136M | $126M | 96c | 0 |
| Mar 31, 2024 | 6 | $72.7M | $72.1M | 101c | 0 |
| Dec 31, 2023 | 7 | $34.9M | $33.0M | 99c | 0 |
| Sep 30, 2023 | 4 | $10.7M | $9.3M | 88c | 0 |
| Jun 30, 2023 | 5 | $19.4M | $16.6M | 87c | 0 |
| Mar 31, 2023 | 5 | $20.4M | $18.9M | 94c | 0 |
| Dec 31, 2022 | 3 | $24.3M | $22.6M | 94c | 0 |
| Sep 30, 2022 | 2 | $11.7M | $10.4M | 90c | 0 |
| Jun 30, 2022 | 2 | $10.7M | $9.7M | 91c | 0 |
| Dec 31, 2021 | 2 | $10.8M | $10.4M | 98c | 0 |
| Feb 3, 2020 | 1 | $0 | $0 | n/a | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Lender left a facilitySep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
Full timeline · 30 eventsShow fewer
- Marked down across lendersMar 31, 2025
- Marked down across lendersMar 31, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilitySep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- Marked down (one lender)Jun 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- STAPLESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 13 BDCsderived
- Industry
- Office Services & Suppliesreportedas one filer wrote it